Advantages
--Big name and tradition, along with the exposure and fan interest that comes with that
--Academic upside for life-after-football
--Facilities, both athletic and otherwise on campus, and, on a similar note, resources -- ND is capable of going world-class on anything, from dining hall food, to NFL-caliber coaching, to a $400M stadium retool.
--Independence -- ND has unparalleled ability to control its own destiny in football, and uses this to play in a wide variety of geographic areas against interesting opponents
--Network -- the fiercely loyal alumni base both inside and outside the world of football

Disadvantages
--Lack of institutional competence, poor understanding of a football identity from the top
--As a result of the aforementioned, recent history of turmoil suggesting that the program is adrift
--Lack of high-caliber wins in the past 20 years, combined with a large number of embarrassing high-profile blowouts, suggest strongly that whatever fleeting success is achieved is of the paper tiger variety
--Lack of recent splashy successes at the NFL level suggest that the program is not developing high-end athletes, at least at the skill positions. That what success stories we do have have been lower draft picks or undrafted further suggests an institutional weakness.
--Academics are a double-edged sword, and not every kid is a fit for the rigorous environment